• by Wendy Davis  @wendyndavis, February 2, 2007

Independent shop AKQA has sold a majority stake in itself to private equity firm General Atlantic. Terms weren't disclosed, but The Wall Street Journal reported the shop had sought between $200 million and $250 million.

Formerly, the $3 billion private equity firm Francisco Partners held a majority stake in AKQA, recently named agency of the year by OMMA magazine. Reports of a possible sale surfaced late last year, when the New York Post reported that the San Francisco-based shop was shopping itself around for as much as $150 million. The 475-strong AKQA also has offices in London, New York, Singapore, and Shanghai.The agency's revenues are commonly estimated at $75 million to $100 million.

AKQA has recently done work for a host of blue-chip clients--Coca-Cola, Nike, Visa, McDonald's, Smirnoff, and Unilever, among others. AKQA added Nike and Microsoft's MSN to its client roster last year, and also won global assignments from McDonald's, Smirnoff, and Johnnie Walker.

In one recent effort, AKQA created a partnership with Apple's iTunes to launch Coke Music, a program that combines a Web site, audio, and video podcasts with social networking, live concerts, and digital downloads to feature European indie bands.

News of the AKQA sale came just one day after Publicis Groupe closed its acquisition of AQKA rival Digitas.